maybe $12,000 - hard to create a business model with that volatility. 

They don't have to create or buy a separate apartment space, and they can use the same kitchen, living room, and amenities as everyone else which means less planning, renovation, and setup costs. 

I’ll attach a link to a page that describes this in detail as there’s some things to note. https://www.realtymogul.com/knowledge-center/article/what-is...3) who’s your ideal tenant?

And while I think there will be continued distress in various pockets and at various times, I don't expect it to hit all at once, creating an acute effect on prices.  

Now creating new plats today yes the jurisdiction is going to want legal access to accpet your plat for recording

Thanks for all the responses and Melissa- appreciate the details.

While grasping the overarching concept seems straightforward, I'm aware there's a wealth of intricate details beneath the surface that I'm keen to understand better.

But I’m doing everything myself (gathering addresses and names, creating letter, printing, stuffing and mailing).

More specifically if you own multiple investment properties and they show up on your Schedule E do you need to provide detailed information on each of the properties/including lease agreements etc?

In either case if you buy one that needs a little work you should be able to create some quick equity.